Monday, May 10, 2010

BUSINESS NEWS – NOVEMBER 2009

Thursday, November 05th 200910,000 Opel jobs to be cutA day after General Motors announced its decision to cancel the deal to sell Opel to the Canadian car parts firm Magna comes its announcement of a job cut. GM has planned to cut 10,000 jobs across its European car unit Opel, which includes the Vauxhall brand in the UK. In protest to this decision Unions in Germany have said that workers would begin walk outs from today.

Friday, November 06th 2009Yardley business acquired by WiproThe consumer care division of Wipro has acquired the personal care brand Yardley's businesses in Asia, Middle East, Australia and North and West Africa for $45.5 million. In these regions Yardley has an annual revenue run rate of $24 million of which 70% comes from the Middle East and 20% from India. This business was owned by the UK-based Lornmead Group which had bought the brand earlier from Procter & Gamble in 2005. This acquisition will give Wipro a range of products in the premium end of the personal care segment.

Monday, November 09th 2009Govt to withdraw economic stimulus by next yearAt the India Economic summit in New Delhi on Sunday Prime Minister Manmohan Singh said that the government would take appropriate measures to start withdrawal of the government's economic stimulus. He stated that there are clear signs of an upturn in the economy.

Friday, November 13th 2009HP to acquire 3ComIn a move which seems to be a major challenge to Cisco systems Hewett-Packard(HP) has struck a $3.1 billion deal for 3Com thus moving into the network equipment market. HP is a dominant force in the personal computers, IT services, servers and printers with revenue streams that have helped it during the economic downturn.

Saturday, November 21st 2009Common market deal for East AfricaThe East African nations have agreed to a deal for a common market. Leaders of five East African nations namely Kenya, Tanzania, Rwanda, Burundi and Uganda have signed the common market treaty. This will allow free movement of people and goods in this region. The common market is expected to come into effect in July 2010.

Friday, November 27th 2009Dubai's debt woes affect marketsEven as financial markets around the world were looking forward to a recovery from the recent downturn, more fears of fresh financial trouble crept in on Thursday as Dubai attempts to reschedule its debt. India could be the worst affected than most other nations if the crisis escalates since it gets nearly a quarter of the remittances from the United Arab Emirates and also has lakhs of laborers working in the region.

Monday, November 30th 2009Second quarter GDP growth acceleratesThe second quarter has shown promising signs for India's economy as it rebounds with a GDP growth of 7.9% which is better than the expected 7.7 per cent. The economy grew at 6.1 per cent in the first quarter of this fiscal. A strong growth in the manufacturing sector helped push the GDP growth rate.